YMCA of Snohomish County 6/7/2018

(4) Neighborhood Park Use. The City maintains full authority to manage the Neighborhood Park. YMCA may be permitted special use of portions of the neighborhood park for programming activities, similar to other organizations use of other parks, subject to City park use regulation. (5) Park Donation Recognition. After passage,termination or waiver of the Park Property Reconveyance Right, the City shall recognize the land donation with an appropriate ceremony and the installation of an appropriate plaque or plaque-like symbol on the Park Property. 3. YMCA Pool. a. Construction, Maintenance, and Operation. The YMCA is solely responsible for design and construction of the YMCA Facility and YMCA Pool at its sole cost and expense. The YMCA will pay prevailing wages for such construction in accordance with Chapter 39.12 RCW. The YMCA will consult with the City prior to completing 100% design drawings for the YMCA Pool. The 100% drawings and the final completed work will contain the elements described in Section 1.b. above. b. Access Easement. Simultaneously with the execution of this Agreement, the parties shall duly execute and record against the YMCA Property the Access Easement in the form attached to this Agreement as Exhibit G. The Access Easement will be recorded prior to any instrument(such as a deed of trust) relating to construction of the YMCA Facility. c. Access Payment by City. In exchange for the rights granted to the City under the Access Easement,the City shall make payments to the YMCA totaling two million five hundred thousand dollars ($2,500,000) on the following schedule (such $2,500,000, the "Access Payment"): (1) First Installment. The City shall pay One Million Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00) by the latest of the following dates: (i) June 15, 2019, (ii) the beginning date of the Access Term or(iii)the closing date of the transfer of the Park Property. (2) Second Installment. No later than June 15, 2020, or the date that is nine months after the payment due date of the first installment,whichever is later,the City shall pay Five Hundred Thousand and 00/100 Dollars ($500,000.00). (3) Third Installment. No later than June 15, 2021, or the first anniversary date of the due date of the second installment, whichever is later,the City shall pay Five Hundred Thousand and 00/100 Dollars ($500,000.00). (4) Fourth Installment. No later than June 15, 2022, or the second anniversary date of the second installment, whichever is later,the City shall pay Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00). 5